Ahead of today’s Microsoft fiscal Q4 2026 earnings, traders are treating the print as a test of whether Microsoft can convert its huge AI infrastructure spending into durable Azure growth, Copilot monetisation and operating leverage. Consensus is looking for EPS of about $4.21 on revenue of roughly $87.6 billion, with Microsoft scheduled to report after the U.S. close on 29 July 2026. Fundamental drivers that are likely to have a significant impact on its share price movement after the release of its earnings numbers will hinge on Azure growth, AI monetisation, capex discipline, free cash flow, and forward guidance. Let’s break down some of these drivers.